Dogecoin saw unprecedented growth in the last bull market, so many investors want to know whether the Dogecoin crypto price will explode and finally hit $1.
We will answer these questions and more in this Dogecoin price prediction. Also, be sure to read to the end because we will be revealing the best upcoming DOGE alternative that’s ready to explode in 2023.
Dogecoin Price Prediction for 2023 to 2030
End of 2023 - As the broader crypto industry looks set for a bull market, Dogecoin will invalidate its bear trend by breaking the lower highs. This will put DOGE around $0.182 by the end of 2023.
End of 2024 - The Bitcoin halving and Elon Musk backing Dogecoin should lead to much new liquidity entering Dogecoin. This could see the coin retake its ATHs with a price of around $0.95.
End of 2025 - The end of 2025 could be the beginning of the next bear market, causing DOGE to consolidate around the $0.20 mark.
End of 2030 - Dogecoin could rise and take new ATHs of $1.30 thanks to its network effect and strong community.
Dogecoin Price History
Dogecoin was created as a joke based on the Shiba Inu memes of 2013, but the meme coin failed to gain notable traction until 2018. And its 2018 price was insignificant compared to its 2021 all-time high (ATH).
The Dogecoin price remained relatively flat until 2018, with its founders not taking the project seriously and later telling crypto inventors not to buy DOGE.
In early 2017, the Dogecoin price held around the $0.0002115 price point before rocketing to $0.01467 in January 2018. This price increase was said to be a combination of the peak of the 2017-2018 bull market and the strong Dogecoin community.
That said, Dogecoin then followed suit with the rest of the market for the remainder of 2018, experiencing a slow and painful decline.
DOGE finally leveled out around the $0.002 - $0.003 price range, where it remained until following the Bitcoin halving in May 2021. Then, between November 2020 and January 2021, prices began to rise as Dogecoin was touted as the cryptocurrency equivalent of Gamestop.
Around this time, Elon Musk began playing a more critical role in the direction of the cryptocurrency, posting a joke image of a magazine with the word “Dogue” instead of Vogue.
As a result, the Dogecoin market climbed over 800% in one 24-hour period and went from $0.002523 in November 2020 to $0.07011 in February 2021.
Following the February 2021 high, the coin increased over another 1000% to its all-time high of $0.7376 in May 2021.
Since then, the price has steadily declined, having only picked up recently. But the question is, will Dogecoin explode again, or is it destined for $0?
Here is a summary of Dogecoin’s price history so far:
It was initially created as a joke coin in 2013 with a modest price.
It first gained attention in 2018 following a considerable price surge.
Comparisons to Gamestop drove its price to a frenzy in 2021.
It finally reached its all-time high in May 2021.
Price has gradually declined since its May 2021 all-time high.
Dogecoin Price Prediction 2023
Based on the Dogecoin price today, the rest of this year could see a steady increase in price for Dogecoin. This comes on the back of multiple market-related events affecting the crypto industry, such as the anticipation of the Bitcoin halving and an increasing reliance on crypto as the traditional banking system faces massive struggles.
When discussing the recent financial crisis of Credit Suisse and Silicon Vallet Bank, Expert Bitcoin analyst, Balaji, recently stated that Bitcoin will be the world’s new reserve currency.
With this in mind, the crypto space could be in for a massive bull run, and as DOGE fills a similar need to banking (an inflationary payment system), much of the new liquidity invested into crypto could find its way to DOGE.
If banks continue to struggle and more people turn to crypto as they have been in recent weeks, the Dogecoin stock price could rise imminently. If this thesis is accurate and crypto experiences a strong bull run, the DOGE price would invalidate its previous lower high on the daily time frame.
A target of around $0.182 for DOGE would confirm the trend reversal into a bull market, working in line with the broader macroeconomic factors at play and the Bitcoin halving that will occur in 2024.
While a downtrend continuation is unlikely for DOGE due to its 89.98% decrease from its all-time high, the Dogecoin price may surge later in the year based on its perceived risk vs Bitcoin and other asset classes.
If this is the case, the DOGE price will instead look to invalidate lower highs in the 4H time frame, hitting $0.10 before moving to $0.112.
Overall, the DOGE price in 2023 could reach between $0.10 and $0.182, setting the coin up for an explosive 2024.
Dogecoin Price Forecast 2024
Things will start to heat up for Dogecoin in 2024. As well as being the year of the Bitcoin halving, January 2024 will land 18 months after the beginning of the bear market.
The average length of a crypto bear market is around 306 days; so far, none have gone over 18 months. Many investors will confidently re-enter the markets at that time, potentially leading to a big move upward for DOGE.
Moreover, Elon Musk’s cryptic tweets have led many speculators to believe Twitter could integrate DOGE for payments on the platform.
Musk's backing, coupled with the fact he now owns one of the most impactful social media platforms containing the most prominent online crypto community, puts DOGE in a position to rally to new all-time highs in 2024.
Another factor to consider is Dogecoin's main selling point of being a decentralized P2P payments network with low fees. Following the issues many banks face, people are becoming increasingly aware of the need for crypto. Dogecoin’s positioning as a payment network could provide a safer alternative to banks, particularly with Elon Musk’s backing.
The speculation surrounding this idea could drive demand even further for DOGE throughout 2024.
Therefore, Dogecoin could reclaim its all-time high of $0.7376 before surging towards the $1 mark. Although it is uncertain whether DOGE could hit $1, it is a well-known price target for the Dogecoin community, so it could become a critical resistance level.
That said, the DOGE price will likely peak between $0.70 and $1 in 2024, most likely topping off around $0.95.
Dogecoin Price Long-Term Outlook - 2025-2030 Prediction
Between 2025 and 2030, the crypto market will see cyclical movements. This means that Dogecoin will eventually fall in price but should maintain a higher low than the current bear market low.
There are countless ways to predict how long a bull market will last, but Rekt Capital found they last an average of 518 days. Therefore, if we are set to enter the early accumulation stages of a bull market rally in mid-2023, that would make Q1 2025 the beginning of the next bear market.
With this in mind, we could expect strong support around $0.2, where the price would remain until around Q2 2026 when the next bull market would begin.
Concluding our Dogecoin forecast, 2030 could finally see Dogecoin rise above $1. Many pundits believe Bitcoin could be at $100K or higher at this stage, so it would be no surprise if the Dogecoin price smashes its ATH too.
Predicting price this far into the future is highly speculative, particularly in a market as volatile as crypto. However, DOGE has some key advantages to help increase its price, potentially to $1.30 in 2030.
What Influences the Price of Dogecoin?
Dogecoin was one of the best-performing crypto assets over the previous bull market. It is essential to understand the factors that affected its price to predict its future value.
The most well-known current Dogecoin price influence is Elon Musk. A single tweet from Musk can attract billions in new liquidity to the coin.
With his acquisition of Twitter, the most well-known communication hub for the crypto community, his influence could span even further, thus boosting the DOGE price even more.
There is massive speculation that Twitter could begin accepting payments in DOGE, considering Tesla already does.
The issue surrounding Musk and Dogecoin is that the community may be too reliant on the Twitter owner now. For example, he is regarded as the “Doge father”, and most often, when Dogecoin hits the headlines, Musk's name is somewhere to be seen.
With this in mind, Dogecoin has a degree of centralisation due to how easy it is for one man to influence its price. If he were to abandon the crypto, the strength of the community could deteriorate along with Dogecoin's price.
While Dogecoin is an outlier in its substantially volatile swings, the bear market has proven it still follows suit with the rest of the market. Dogecoin mainly follows the Bitcoin price, which follows the broader global macroeconomic factors such as inflation, employment levels, the strength of economies and the U.S. Dollar Index.
Therefore, it is essential to consider the broader market conditions when considering the Dogecoin price in the months and years ahead.
So far, one of Dogecoin's main strengths has been its community, from when DOGE holders sponsored Olympic teams in 2014 to the Dogecoin community on Reddit calling for the coin to become the next Gamestop. One of the fundamental strengths of the Dogecoin community is their ability to work together to reach a goal.
Going forward, it will be imperative that the community continue striving for bigger goals for the price to grow. The project will need more extensive use cases and even more adoption to break all-time highs.
Ability To Attract New High Profile Advocates
While some cryptos are built on utility or their ability to solve real-world issues, Dogecoin’s community-driven focus means high-profile figures like Elon Musk and Snoop Dogg influence the price considerably.
Looking ahead, the DOGE price could rise much higher if the crypto attracts more celebrities and other well-regarded figures in the crypto community.
Unlike Bitcoin and many other cryptos, Dogecoin does not have a supply cap. This makes the coin inflationary; although that can be useful sometimes, the price will grow less over time compared to a capped supply.
Ultimately, the future price of Dogecoin is limited by its inflationary nature. The coin could still serve a huge purpose in the crypto industry and has the potential to climb in price slowly, but capped supply tokens can grow much more sustainably in the long term.
Could Love Hate Inu be the Next Dogecoin?
Dogecoin has many strengths, such as its community, affiliation with Elon Musk and its reputation as the number one meme coin, but these factors also mean the coin has less room to grow.
A lower market cap or even a presale coin could generate far more profitable returns in the long run - the most promising of these coins currently is Love Hate Inu.
Many experts have touted the coin as the next Dogecoin. But the great thing about Love Hate Inu is that it builds on the idea of Dogecoin while providing superior tokenomics and utility.
Love Hate Inu is a presale crypto, having already raised over $1.2 million in 13 days. In the short time that the project has been live, it has amassed a social media following of 33K on Twitter and continues to make headlines and generate monumental hype.
With that said, many crypto investors want to know what makes Love Hate Inu so unique.
Firstly, while it is a meme coin, the Love Hate Inu protocol is also an on-chain voting system that allows users to vote on polls created by other users, thus, delivering immutable, transparent and flexible voting to the blockchain.
Countless real-world use cases could give this massive long-term potential, but for now, users are mainly voting on the direction of the Love Hate Inu project.
Secondly, Love Hate Inu rewards its community through its “Vote-to-Earn” mechanism. The mechanism encourages poll participation, gradually leading to more adoption and a stronger community.
Finally, Love Hate Inu has a maximum supply of 100 billion tokens, with the project selling 90% of these at presale. Compared to Dogecoin, the LHINU supply will be heavily restricted, potentially causing a massive surge in price later down the road.
Based on our Dogecoin price prediction 2023, the next bull market looks set to arrive shortly, meaning the price of Dogecoin could climb to invalidate its lower high and confirm a trend reversal. In the mid-term, we expect the coin to reclaim its all-time high, although it is unlikely the coin could climb much higher due to the lack of utility and already massive price.
On the other hand, Love Hate Inu is undervalued compared to Dogecoin; it brings a lot more value in utility and tokenomics while maintaining a community-centric approach through its voting system and meme culture.
The interesting thing about Love Hate Inu is that it is only two weeks old. To put that into perspective, Dogecoin’s price is up around 13,000% from the price two weeks after its creation.
You can buy Love Hate Inu for $0.00009 USDT, but in five days, the price will increase to $0.000095. Following the presale, ending May 8, 2022, the token’s launch price is $0.000145 USDT. This means now is the perfect time to invest and gain over 50% ROI quickly.
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.